Smart Lock Market – How the Business Will Grow in 2024?

Global Market Insights, Inc. has recently added a report on smart lock market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.

Smart Lock Market growth is escalated by rising construction of smart homes and the rising penetration of home automation security systems. Economies including China and India are experiencing heavy investments in the development of the urban locations for residential and commercial purposes owing to the decline in the labor and raw materials and the rising rate of urbanization.

The residential end-user segment is anticipated to lead the smart lock market owing to the rising consumer awareness and the rising demand for home automation solutions that provide higher security and convenience. The commercial segment holds the largest market share as locations such as banks, government agencies, and places containing large financial and physical assets, require multiple layers of protection against thefts.

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BSFI is expected to be the largest adopter of the smart lock market over the forecast timespan. Banks pose high risks of security breaches due to a large flow of cash. These devices enable a high degree of protection for these institutions. For instance, strict parking controls, low spaces, and heavy parking regulations in Taiwan are promoting the smart lock industry. Chunghwa Telecom has developed an NB-IoT-powered device that can be used to prevent unauthorized parking.

Smart Lock Market is anticipated to grow owing to the rising security concerns amongst consumers and the rising proliferation of home automation systems. Thefts and burglaries have risen significantly in the recent years. For instance, in 2016, an estimated 2.5 million home invasions and property thefts were registered in the U.S. with an average estimated loss of USD 2,230 per break-in. This has fueled the demand for smart locks and has led consumers to transition away from traditional lock systems owing to the higher security and convenience that these systems provide. Additionally, these detect tampering and alert the users and the authorities discretely before a property break-in occurs, allowing higher rates of arrests of the guilty parties.

Smart lock market segmentation by connectivity technologies indicates that the Wi-Fi segment dominated in terms of revenue in 2017 as it provides long-range connectivity, strong connectivity, and is the most favorable technology in smart devices. Wi-Fi comes is relatively more expensive than Bluetooth and requires a dedicated power source contributing to the strong projected growth of the Bluetooth smart lock industry over the forecast time period. These are equipped with battery systems and can function effectively even during times of power outages.

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